Treasury note

91282CKJ9 · 4.5% due April 15, 2027

Original term
3-Year
Maturity
Apr 15, 2027
Coupon
4.500%
Pays
Semi-Annual
Dated
Apr 15, 2024
First coupon
Oct 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$58.95bn
Held stripped
$10.8m
Share stripped
0.02%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 10, 2026

Yield to maturity
4.117%
Modified duration
0.570 yr
DV01
0.0058
Convexity
0.610
Dirty price
102.051

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 3 of twelve buckets, summing to 0.581 years against a modified duration of 0.570.

Against the fitted curve

Priced 5.7 bp rich to the curve on that day, 3.30 cents per 100 of face.

That is -1.53 standard deviations from its own typical residual.

Yield to maturity, 603 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Apr 15, 2024Sep 10, 2026Apr 15, 2024Yield to maturity4.783%May 3, 2024Yield to maturity4.637%May 23, 2024Yield to maturity4.720%Jun 13, 2024Yield to maturity4.462%Jul 5, 2024Yield to maturity4.425%Jul 25, 2024Yield to maturity4.313%Aug 14, 2024Yield to maturity3.814%Sep 4, 2024Yield to maturity3.675%Sep 24, 2024Yield to maturity3.481%Oct 15, 2024Yield to maturity3.890%Nov 4, 2024Yield to maturity4.159%Nov 25, 2024Yield to maturity4.248%Dec 16, 2024Yield to maturity4.241%Jan 7, 2025Yield to maturity4.322%Jan 28, 2025Yield to maturity4.213%Feb 18, 2025Yield to maturity4.313%Mar 10, 2025Yield to maturity3.903%Mar 28, 2025Yield to maturity3.920%Apr 17, 2025Yield to maturity3.826%May 7, 2025Yield to maturity3.806%May 28, 2025Yield to maturity4.027%Jun 17, 2025Yield to maturity3.977%Jul 9, 2025Yield to maturity3.905%Jul 29, 2025Yield to maturity3.925%Aug 18, 2025Yield to maturity3.809%Sep 8, 2025Yield to maturity3.565%Sep 26, 2025Yield to maturity3.700%Oct 17, 2025Yield to maturity3.499%Nov 6, 2025Yield to maturity3.620%Nov 28, 2025Yield to maturity3.578%Dec 18, 2025Yield to maturity3.496%Jan 9, 2026Yield to maturity3.546%Jan 30, 2026Yield to maturity3.528%Feb 20, 2026Yield to maturity3.537%Mar 12, 2026Yield to maturity3.730%Apr 1, 2026Yield to maturity3.723%Apr 21, 2026Yield to maturity3.713%May 11, 2026Yield to maturity3.769%Jun 1, 2026Yield to maturity3.904%Jun 22, 2026Yield to maturity4.058%Jul 13, 2026Yield to maturity4.067%Jul 31, 2026Yield to maturity4.080%Aug 20, 2026Yield to maturity3.952%Sep 10, 2026Yield to maturity4.117%

Price history

603 trading days to Sep 10, 2026

9899100101102103Apr 15, 2024Sep 10, 2026Apr 15, 2024Close99.219May 3, 2024Close99.625May 23, 2024Close99.406Jun 13, 2024Close100.094Jul 5, 2024Close100.188Jul 25, 2024Close100.469Aug 14, 2024Close101.719Sep 4, 2024Close102.031Sep 24, 2024Close102.469Oct 15, 2024Close101.438Nov 4, 2024Close100.781Nov 25, 2024Close100.563Dec 16, 2024Close100.563Jan 7, 2025Close100.375Jan 28, 2025Close100.594Feb 18, 2025Close100.375Mar 10, 2025Close101.188Mar 28, 2025Close101.125Apr 17, 2025Close101.281May 7, 2025Close101.281May 28, 2025Close100.844Jun 17, 2025Close100.906Jul 9, 2025Close101.000Jul 29, 2025Close100.938Aug 18, 2025Close101.094Sep 8, 2025Close101.438Sep 26, 2025Close101.188Oct 17, 2025Close101.438Nov 6, 2025Close101.219Nov 28, 2025Close101.219Dec 18, 2025Close101.281Jan 9, 2026Close101.156Jan 30, 2026Close101.125Feb 20, 2026Close101.063Mar 12, 2026Close100.813Apr 1, 2026Close100.781Apr 21, 2026Close100.750May 11, 2026Close100.656Jun 1, 2026Close100.500Jun 22, 2026Close100.344Jul 13, 2026Close100.313Jul 31, 2026Close100.281Aug 20, 2026Close100.344Sep 10, 2026Close100.219
The most recent 20 trading days of prices for 91282CKJ9.
DateBidOfferClose
Sep 10, 2026100.234100.219100.219
Sep 9, 2026100.266100.250100.250
Sep 8, 2026100.266100.250100.250
Sep 4, 2026100.266100.250100.250
Sep 3, 2026100.297100.281100.281
Sep 2, 2026100.266100.250100.250
Sep 1, 2026100.266100.250100.250
Aug 31, 2026100.281100.281100.281
Aug 28, 2026100.297100.281100.250
Aug 27, 2026100.328100.313100.313
Aug 26, 2026100.328100.313100.313
Aug 25, 2026100.328100.313100.313
Aug 24, 2026100.328100.313100.313
Aug 21, 2026100.359100.344100.313
Aug 20, 2026100.359100.344100.344
Aug 19, 2026100.359100.344100.344
Aug 18, 2026100.359100.344100.344
Aug 17, 2026100.359100.344100.344
Aug 14, 2026100.359100.344100.344
Aug 13, 2026100.359100.344100.344

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 91282CKJ9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 9, 2024Apr 15, 2024New issue$58.0bn$59.0bn2.50x4.548%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.